Investors gain N165.99bn as equity market bounces back

The equity market, yesterday, closed on a positive note as the NGX All Share Index (ASI) and Market Capitalisation both closed positive by 0.43%, representing a gain of N165.99 billion for investors.

NGX All-Share Index advanced by 0.43%, closing at 71,250.17 basis points, compared to the previous day’s loss of 0.66%, which closed at 70,946.83 basis points, when investors saw the value of their investments declined by N258.85bn.

At yesterday’s trading, the NGX ASI year-to-date return was at 39.02% while market activities measured by volume traded increased by 20.93%.

The total volume traded advanced by 20.93% to close at N433.57m, valued at N11.11bn and traded in 7,016 deals. United Africa Company of Nigeria (UACN) was the most traded stock by volume with N61.71m, while Nigeria Infrastructure Debt Fund (NIDF) was the most traded stock by value with N2.22bn units traded.

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The market recorded 40 gainers, 15 losers and 64 unchanged.

Top three gainers were Secure Electronic Technology (10.00%), Multiverse Mining and Exploration (9.95%) and Sunu Assurance (9.92%) while the top 3 losers were Abbey Mortgage Bank (-9.88%), FTN Cocoa Processors (-9.09%), and DAAR Communication (-8.82%).

“We expect the bullish sentiment to persist into tomorrow’s trading session in the absence of any negative catalyst,” noted analysts at Parthian Securities Limited.